The Pakistani rupee ended its seven-game losing streak against the US dollar by posting a 0.11% appreciation in the interbank market on Tuesday.
According to the State Bank of Pakistan (SBP), the Rupee closed at 223.42 after improving by Re0.24.
On Monday, the rupee had depreciated to settle at 223.66 after falling Re0.49 or 0.22%.
Recently, the currency has been on a bearish trajectory against the greenback amid reports that talks with the International Monetary Fund (IMF) have been further delayed as the lender wants to first finalize the macroeconomic framework and then send its mission in Pakistan.
Meanwhile, internationally, the dollar pared back some of its strong overnight gains after investors flocked to the safe-haven currency on edge over China’s COVID surges, though sentiment prudent risk maintained demand for the greenback.
China’s capital warned on Monday that it faces its toughest test of the COVID-19 pandemic, with a rise in COVID cases triggering new restriction measures. Deaths from the virus have also been recorded in Beijing for the first time since late May.
The U.S. dollar index was last 0.06% lower at 107.71. It had risen almost 0.8% overnight, the biggest daily gain since Nov. 3.
Oil prices, a key gauge of the currency peg, rose on Tuesday after major exporter Saudi Arabia said OPEC+ was sticking to production cuts and may take further steps to balance the market, outweighing global recession worries and worries about rising COVID-19 cases in China.
Interbank market rate for the dollar on Tuesday
OFFER Rs 223.50
OFFER Rs 224.50
open market movement
In the open market, the PKR remained unchanged long and short against USD, closing at 228.75 and 231 respectively.
Against the Euro, the PKR remained unchanged long and short, closing at 242.50 and 244.50 respectively.
Against the UAE dirham, the PKR lost 30 paisa on the buy and sell side, closing at 65.50 and 66 respectively.
Against the Saudi Riyal, the PKR lost 30 paisas on the buy and sell side, closing at 63.50 and 64 respectively.
Free market rate for the dollar on Tuesday
OFFER Rs 228.75
OFFER Rs 231